National Storage Affiliates Trust Q3 FY2024 earnings call

• Team members safe post-hurricanes Helene and Milton; facilities back open. Occupancy uplift on West Coast of Florida, Tampa and Sarasota-Bradenton area. - Fee rates down 17% Y/Y in Q3, expected to widen near term. - Internalization of PRO structure: ~85% done with web and operating platforms, ~70% complete on operations management, ~50% done with store rebranding. - Completed 2 portfolio transactions in Q3 using 2023 JV, improving portfolio quality and operational efficiencies.

No distinct product segment financial performance breakdown provided in the transcript.

• Reaffirmed midpoints for same-store NOI growth of negative 5.5% and core FFO per share of $2.40. - Q4 implied midpoint implies sequential drop from Q3 due to one-time fees in Q3, onetime property tax benefits, and tougher year-over-year comparisons.

• Competitive operating environment. - Minor hurricane damage to facilities, with costs still preliminary. - Uncertainty in housing market recovery impacting demand.

Q: Follow-up on guidance sequential drop A: Talked about one-time fees in Q3, onetime property tax benefits, and seasonality factors.

Q: Update on web traffic and conversions for internally managed vs PRO stores A: Progress in Southwest markets with occupancy gains and ECRI strategies.

Q: Internalization transaction impact on G&A and income lines A: Tenant insurance benefit and G&A reduction noted.

Q: Transaction environment and dispositions A: Identified 15-20 assets for disposal, expecting activity in 3-6 months.

Q: Market environment and 2025 outlook A: Diversified markets, some stabilization seen, October occupancy at 85.8%.

Q: Street rates, occupancy, and ROI A: Street rates down, occupancy improvement, and balancing rate with occupancy.

Q: Demand and expense side A: Top of funnel demand stable, comp tougher for expenses.

Q: M&A activity and joint venture A: Active M&A, joint venture with Heitman looking at opportunities.

Q: Length of stays and customer sensitivity A: Longer length of stays due to pandemic effects, customers focused on rate.